Ontario Credit Union Fact Sheet

Credit Unions are financial service co-operatives owned and controlled in the community by the people they serve. There are over 300 credit unions and caisses populaires throughout Ontario.

Credit unions are community-based and community-focused. They play an integral role in their communities by investing in community projects, sponsoring local activities and promoting community development.

Ontario's first credit union was established in 1908 in Ottawa. Most credit unions were established during the 1940s and 1950s in response to the need for affordable consumer credit.

Over the years, credit unions have taken the lead in developing and introducing innovative financial service products. for instance, they were the first to offer:

consumer loans
daily interest savings accounts
on-line automated teller machines
personal lines of credit
payroll deduction
transaction by satellite
ethical mutual funds
flexible mortgage payment options
no fee RRSP's
payment cards
loan insurance

The fundamental operating principle of credit unions is democratic ownership; every member has at least one share but no more than one vote in the decision-making structure.

Many Credit Unions are full-service financial institutions that offer a range of savings and investment products, as well as financial advisory services.

Credit unions are among Canada's soundest financial institutions. The Deposit Insurance Corporation of Ontario (DICO) insures Canadian currency deposits repayable no later than five years from the date of deposit, including interest, to a maximum of $100,000 per individual; and insures each RRSP, RRIF, or OHOSP contract and each unique trust or joint account to a maximum of $100,000 per account.